China Resources Cement Holdings (1313) said on Tuesday it planned to sell HK$4.19 billion (US$534 million) worth of new shares to its controlling shareholder, raising capital for business development, to repay debt and for working capital.

The cement and concrete producer said it would sell 450 million new shares to CRH (Cement) at HK$9.30 apiece, representing a 9.88 percent discount to the previous close. CRH will the buy the new shares following its sale of the same amount of existing shares at the same price to third-party investors.